SEC charges Bitclout, aka DeSo, Al-Naji, with $257M securities fraud

According to the SEC, Al-Naji defrauded investors by misappropriating part of the money

He used it for personal expenses: some he sent to family, and other he spent on luxury items

The SEC complaint highlights that Al-Naji falsely promoted BitClout as a decentralized project to avoid regulation

 

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